Eligibility

• You must be a U.S. citizen or permanent resident, or a foreign borrower applying with a creditworthy U.S. citizen or permanent resident.
• You must have no student loans that are delinquent or in default.
• You must meet the credit criteria established by the lender.
• You should apply for Stafford and Grad PLUS loans first and need additional funding.
• You must attend an ABA-accredited school at least half time.

Features

• More than 80% of applicants are approved for the LAWLOANS Private Loan.
• The LAWLOANS Private Loan has interest rates that reward good credit.
• If you have less-than-ideal credit or no credit at all, you can still be eligible for the LAWLOANS Private Loan by applying with a creditworthy cosigner.
• Creditworthy borrowers may request a cosigner release after making the first 24 consecutive, on-time monthly payments of principal and interest as initially scheduled.
• No payments are required while you are in school.
• You can manage your account online 24/7.
• You get life-of-loan servicing from Sallie Mae.
• You get the convenience of combined billing for all of your Sallie Mae-serviced loans.
• There is no prepayment penalty.
• 0.25 percentage point interest rate reduction for auto debit.*
• 0.50 percentage point interest rate reduction after making the first 48 consecutive payments by the due dates as initially scheduled.*

Save even more with Upromise Loan Link^SM! Student and parent borrowers who join Upromise^® can link their Sallie Mae loan account to their Upromise account and use their Upromise rewards to help pay down their eligible Sallie Mae-serviced student loans. Visit www.salliemae.com/upromise to learn more and enroll today.

Loan terms

Loan limits

With LAWLOANS Private Loan, you can borrow up to the cost of your education (as determined by your school) less any other financial aid received. Your school must certify the loan amount requested.

There is a $150,000 aggregate education loan limit (federal and private) if you have no cosigner. If you have a cosigner, LAWLOANS Private Loans will cover the cost of your education less other aid.

Interest rate

The LAWLOANS Private Loan has interest rates that reward good credit and are as low as Prime – 0.75% when you and your cosigner are both credit-approved and one of you has excellent credit. Interest rates are variable and reset monthly.

Fees

There are no fees for LAWLOANS Private Loan.

Repayment

Standard, graduated, and extended repayment options are available.

Legal

• Repayment for LAWLOANS Private Loans begins immediately following a nine-month grace period after graduation, leaving school, or falling below half-time status.
• Depending on your credit score, you might be required to apply with a cosigner.
• LAWLOANS is a registered service mark of Sallie Mae, Inc.

*Terms and conditions apply. The automatic debit benefit is available during active periods of repayment for as long as the borrower’s monthly payment is successfully deducted from the borrower’s bank account. To qualify for the 0.50 percentage point interest rate reduction, borrowers must sign up on Manage Your Loans^SM, before repayment, to receive account information by email. The interest rate reduction continues during active repayment for as long as the borrower continues to pay as initially scheduled. LAWLOANS Private Loan borrower benefits are available on loans first disbursed on June 1, 2007–May 31, 2008 and serviced by Sallie Mae. Sallie Mae reserves the right to modify or discontinue loan programs at any time without notice. Other terms and conditions apply.